Cresset Asset Management LLC Sells 55,608 Shares of Enterprise Products Partners L.P. $EPD

Key Points

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Cresset Asset Management LLC decreased its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 38.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,688 shares of the oil and gas producer's stock after selling 55,608 shares during the quarter. Cresset Asset Management LLC's holdings in Enterprise Products Partners were worth $2,994,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of EPD. ING Groep NV bought a new position in Enterprise Products Partners in the 1st quarter worth about $71,052,000. Alps Advisors Inc. raised its holdings in Enterprise Products Partners by 5.0% in the first quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer's stock worth $1,410,891,000 after buying an additional 1,967,188 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Enterprise Products Partners by 65.3% in the first quarter. JPMorgan Chase & Co. now owns 4,347,247 shares of the oil and gas producer's stock worth $148,415,000 after buying an additional 1,717,768 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Enterprise Products Partners by 293.6% during the first quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer's stock valued at $68,927,000 after buying an additional 1,506,055 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Enterprise Products Partners in the 4th quarter worth approximately $36,279,000. 26.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on EPD shares. Citigroup cut their target price on Enterprise Products Partners from $37.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. TD Cowen began coverage on Enterprise Products Partners in a report on Monday, July 7th. They issued a "hold" rating and a $33.00 price objective for the company. Argus raised Enterprise Products Partners to a "strong-buy" rating in a research report on Monday, May 5th. Mizuho set a $38.00 price target on shares of Enterprise Products Partners and gave the company an "outperform" rating in a report on Friday, July 11th. Finally, Stifel Nicolaus decreased their price objective on shares of Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Enterprise Products Partners has a consensus rating of "Moderate Buy" and an average price target of $36.25.

Enterprise Products Partners Stock Performance

NYSE:EPD traded up $0.0650 during mid-day trading on Tuesday, hitting $31.3950. 3,009,039 shares of the company traded hands, compared to its average volume of 4,833,045. The stock's fifty day moving average price is $31.39 and its 200-day moving average price is $31.84. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 1.04. Enterprise Products Partners L.P. has a one year low of $27.77 and a one year high of $34.63. The firm has a market cap of $67.98 billion, a price-to-earnings ratio of 11.67, a price-to-earnings-growth ratio of 1.81 and a beta of 0.66.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.67 by ($0.01). Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The company had revenue of $11.36 billion for the quarter, compared to the consensus estimate of $15.24 billion. During the same quarter last year, the firm posted $0.64 earnings per share. The company's revenue was down 15.7% compared to the same quarter last year. Research analysts anticipate that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were paid a dividend of $0.545 per share. This is a positive change from Enterprise Products Partners's previous quarterly dividend of $0.54. The ex-dividend date was Thursday, July 31st. This represents a $2.18 dividend on an annualized basis and a dividend yield of 6.9%. Enterprise Products Partners's dividend payout ratio is presently 81.04%.

Insider Buying and Selling at Enterprise Products Partners

In other news, Director John R. Rutherford bought 15,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average price of $31.35 per share, with a total value of $470,250.00. Following the acquisition, the director owned 158,586 shares of the company's stock, valued at approximately $4,971,671.10. This represents a 10.45% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William C. Montgomery acquired 16,000 shares of the stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average price of $31.55 per share, for a total transaction of $504,800.00. Following the completion of the transaction, the director directly owned 136,920 shares of the company's stock, valued at approximately $4,319,826. This represents a 13.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 32.60% of the company's stock.

About Enterprise Products Partners

Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.